At the Marine Environment Protection Committee (MEPC) 79th session concluded earlier today, International Maritime Organization member nations pushed forward in the development of proposals, which include a GHG levy or feebate mechanism, a GHG fuel standard, emissions trading, and a funding/reward system tied to a specific benchmark. This week’s discussions bode well for an agreement on an ambitious and effective basket of measures in future sessions of the MEPC that will seek to adopt measures that align with the Paris agreement and enable decarbonization of shipping by 2050 with possible intermediate targets at 2030 and 2040. Good progress was also made to reduce the impact of GHGs and black carbon emissions from shipping on the Arctic. However, proposals to review and adjust short-term measures including CII, EEXI, and correction factors was deferred to MEPC 80.
